We were both laid off over the last couple of months and would prefer not to go back to Corporate America. 

You're not obligated to select one, but it will give you an idea of the going rates.

Co-ops, on the other hand, involve owning shares in a corporation that owns the building and can come with more restrictions and limitations on how you can use or rent out your unit.If your goal is to dip your toes into real estate investing as a primary residence before building a portfolio of out-of-state rental properties, it may be a better idea to consider a condo over a co-op.

Is it preferable to transfer ownership to the LLC or consider a corporate lease arrangement for the existing property?

Alaska Housing Finance Corporation (AHFC - AK sect 8 provider) requires a 60 day notice for increase in rent.

You may be able to purchase from B lenders such as Mortgage Investment Corporations. 

If you are a bit older then for you it might be wiser to leave you equity untouched as you might want to reduce debt obligation as you get older.

Is this a credit worthy corporation that's been around forever or a small business of some sort?

For those of you who have been divorced, you should know that a judge can obligate you to pay child support, alimony, college tuition, private school tuition, mortgages etc...IS IT ILLEGAL for a landlord to ask for the finalized divorce agreement to see what potential FINANCIAL OBLIGATIONS a tenant is/could be responsible for that would affect his/her ability to pay the rent at a new residence?

Similarly, the Federal Home Loan Mortgage Corporation's 30-year fixed-rate fell 62 basis points to 6.82 percent.